Anatomy of a deal: inside National Grid's multibillion-pound gas distribution network sale

From Brexit to media scrutiny and coordinating an array of advisers, Linklaters and National Grid look back at the challenges presented by one of last year's most complex deals

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“Every transaction has its fun and games, but this was certainly one of the most challenging of my career,” says National Grid deputy general counsel Mark Noble (pictured).

The deal he is referring to is the mammoth separation and sale of National Grid’s gas distribution network, which resulted in a winning bid last December by a consortium of international investors including Australian investment bank Macquarie, the Qatar Investment Authority and Chinese sovereign wealth fund CIC.

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